Other than the frustration of having to deal with different people, have you considered what affects constant staff changes have on your investment property?
Let’s start with the history of your property…does your new Property Manager know what items in the property may be under warranty due to a recent replacement? Or are they going to call their regular contractor if the Tenant reports a fault and they cannot get a hold of you for instructions? Or, what if the Tenant reports a fault with the cook top or hot water system and the Property Manager has never seen your property, they might not know if they should order an electrician or a plumber?
Then there’s the relationship with the Tenant. Is the Tenant going to be annoyed at the different expectations of each different Property Manager? Is the new Property Manager going to offend your Tenant by accusing them of damage that was already in the property when they moved in?
The general day to day monitoring of the portfolio may also slip while they get to know the 100 odd properties in the portfolio, leases begin to expire and new leases are not offered to the Tenant (which could void your landlords insurance), rent arrears creeps a bit high with some Tenants “testing the waters” with the new Property Manager, maintenance sits outstanding and your Tenants frustration is growing.
At the end of the day, inconsistency creates confusion and confusion creates frustration.
It can be hard to avoid in an industry that has such a high turn over of staff which is why choosing your Property Manager carefully at the start can save you a lot of time, stress and money.
Do your due diligence by asking a few simple questions that can help you “qualify” the Property Manager that you are interviewing.
- Is the person you’re dealing with the person who will actually be managing the property on a day to day bases?
- How long have they been in the industry?
- How long have they worked for that company?
- Do they live locally? (are they eventually going to want to look for a job closer to home?)
- How often have they attended to court and evictions in the past 12 months?
- How high is their current rent arrears?
- How many properties are they managing?
- Do they have the time and resources to provide a quality service?
You can also do further research by looking at reviews on google or facebook, look at their current adverts and see if their properties for rent are presented to attract prospective Tenants or if the advert is poor, look to see how many vacant properties they have and how long they sit on the market.
That is my personal advice on how avoid constant staff changes.